Foreign National Mortgage    















  

Foreign National - Full Doc

 

The Full Doc mortgage program requires supporting documentation provided by the Foreign borrower. This means the completed mortgage application will be verified.

FOREIGN NATIONAL -  LITE DOC    ▪    FOREIGN NATIONAL -  NO DOC     ▪      FOREIGN NATIONAL  10% DOWN PAYMENT

 

 

  Up to 70% LTV financing  -  30% Down PaymentForeign Passport

   Purchase or Refinance   (No Cash-Out Refinance)

  Second Home or Holiday Home

  30 year & 15 year fixed rate  -  Full principal & Interest   (capital & interest)  NOT a variable rate

  Seller can pay closing costs  -  Up to 3% of sales price

  NO pre-payment penalty

  Maximum Loan Amount:  $417,000

  SFR & "acceptable warrantable" condo projects/developments

   Foreign Passport Required-

   Attractive and competitive FIXED interest rate


  • International credit report required  -  Report must indicate minimum four tradelines (creditors) with minimum one year history

    Foreign Mortgage

  • Three months or more cash reserves equal to the total "monthly" mortgage payment

  • Income Verified:  If "Self-Employed"  -  A CPA letter indicating the last two years income, and YTD - year-to-date income. The CPA letter must include date business was established. Minimum TWO years or more self-employed.

  • If Employed - A verification of Employment Letter from EMPLOYER indicating position, time on the job, income for last two years and YTD - Year-to-date.

  • Assets verified:  Provide verification of deposit from bank. Two-three months bank statements are also acceptable. Must be most recent statements in original currency and US dollar. All figures must be converted into US dollars.

  • US dollar equivalence must be calculated using the most recent exchange rate.

  • Borrower must qualify with "sufficient" verifiable income to afford the new mortgage, and any existing "debts" that appear on the credit report. Maximum 36% debt-to-income ratio based on gross income.


If you are UNABLE to meet the above requirements for a full documentation mortgage, we also offer a NO DOC mortgage for Foreign Nationals that is very easy to qualify and NO paperwork.  Please visit: http://www.floridamortgagecorp.com/foreign_national_nodoc.htm

Restrictions:  Condo-Hotels and Short-Term Rental homes are NOT eligible for financing under this full doc mortgage program. Established condo projects/developments must meet FNMA guidelines. A SFR is the most desirable type of property to finance. Condos NOT financed in Dade, Broward, Palm Beach counties.

 

These type of investment income properties are for commercial use as hotels, that require special licensing from the State of Florida.

 

Foreign PassportsUnfortunately, the Orlando & Miami real estate market is currently "saturated" with this type of investment income property, with many being sold at "distressed" prices. Furthermore, the Orlando & Miami real estate market is experiencing serious declining market values due to a high number of foreclosures.

 

The investment property's use is determined by local county zoning laws, Homeowner's Association community guidelines, etc.  A Condo-Hotel and or Short-Term Rental Home can only be located in a community that is legally zoned and allows the investment income property to be used for commercial use.  

 

 

Please visit the following links for additional detailed information:

 

SHORT-TERM RENTAL HOME    ▪    CONDO HOTEL    ▪    DECLINING MARKET VALUE    ▪    PROPERTY TYPES

 

 

 

FOREIGN NATIONAL -  LITE DOC    ▪    FOREIGN NATIONAL -  NO DOC     ▪      FOREIGN NATIONAL  10% DOWN PAYMENT

 

 

NOTE:   Interest rates and mortgage programs subject to change without prior notice.

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